Qatar wealth fund buys St Regis Ho­tel

Muscat Daily - - BUSINESS -

Mar­riott In­ter­na­tional Inc has sold the St Regis New York for US$310mn to Qatar’s sov­er­eign wealth fund.

The pur­chase gives Qatar In­vest­ment Au­thor­ity (QIA) another tro­phy as­set to add to an ex­pand­ing port­fo­lio across the globe. The fund has been boost­ing its in­vest­ments in the US, in­clud­ing stakes in re­tail prop­er­ties in Man­hat­tan. In April, it an­nounced an in­vest­ment in the shops at the base of the St Regis.

The ho­tel, lo­cated on East 55th Street near Fifth Av­enue, was opened by John Jacob As­tor IV in 1904. The 18-storey Beaux-Arts build­ing con­tains more than 200 guest rooms.

Mar­riott will con­tinue to op­er­ate the ho­tel un­der a longterm con­tract with QIA, ac­cord­ing to a fil­ing.

In­dia to fur­ther ease tax rules to boost in­vest­ment: Modi

In­dia is com­mit­ted to fur­ther im­prov­ing its peo­ple-friendly tax regime, Prime Min­is­ter Naren­dra Modi said, as Asia’s third-largest econ­omy seeks to at­tract more over­seas in­vest­ment to spur growth.

The gov­ern­ment has cut cor­po­rate tax rates and in­tro­duced a na­tion­wide good­sand-ser­vices charge to in­te­grate the na­tion’s econ­omy, Modi said on Sun­day.

“We want to work to­ward mak­ing it even more peo­ple friendly,” he said.

Sri Lanka econ­omy re­cov­er­ing from Easter at­tacks: IMF

Sri Lanka’s econ­omy was slowly re­cov­er­ing from the im­pact of the Easter Sun­day sui­cide bomb­ings that killed hun­dreds and crip­pled the boom­ing tourism sec­tor, the In­ter­na­tional Mon­e­tary Fund (IMF) said.

Growth was likely to hit 3.5 per cent next year from this year’s fore­cast of 2.7 per cent, the Wash­ing­ton-based len­der said, com­pared to 3.2 per cent in 2018.

The coun­try es­ti­mates it will lose about US$1.5bn in tourism rev­enue this year as a re­sult of a sharp dip in ar­rivals fol­low­ing the at­tacks on churches and hotels, which killed at least 269 peo­ple.

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